Vietnam’s National Assembly targets 6.6 – 6.8% 2019 GDP growth

The Hanoitimes – Key priorities in 2019 would be to stabilize macro-economic conditions and keep inflation under control, coupled with higher economic independence and national competitiveness. Vietnam’s National Assembly, the country’s supreme legislative body, approved the resolution on socio-economic development plan for 2019, targeting the GDP growth rate of 6.6 – 6.8% with the endorsement of 92.16% of National Assembly deputies, the government portal reported. Illustrative photo. Following the plan, the consumer price index (CPI), a gauge of inflation, is expected to be around 4%, while the export growth rate is 7 – 8%. The National Assembly also targeted the trade deficit to stay below 3% of total export revenue, and social investment capital equivalent to 33 – 34% of GDP. The country also aimed to reduce the poverty rate by 1 – 1.5 percentage points. In poor localities and areas inhabited by ethnic minority groups, the reduction rate should be 4 percentage points. Additionally, the unemployment rate in urban area is targeted at below 4%. In order to fulfill the plan, the National Assembly requested the government to implement the monetary policy in an efficient and flexible manner, which is consistent with the fiscal policy. The ultimate goal would be to stabilize macro-economic conditions and take the inflation rate under control. The exchange rate policy should be in reflection of both Vietnam’s and world market situations, while avoiding negative impact of the adjustment of public services fees on CPI. According to the National Assembly, it is important to… [Read full story]